The global equine healthcare market was valued at USD 26.6 billion in 2012 and is expected to decline at a CAGR of -1.2% from 2013 to 2019, to reach an estimated value of USD 24.5 billion in 2019.
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The equestrian industry results in a substantially high economic impact as a result of one of the industry's primary activity - horse racing and betting; horse racing and betting comprises ~20% share of the global betting/gambling market. The equestrian industry thus generates a multiplier effect resulting into turnover of over ~USD 500 billion per year. Due to the 'trickle-down effect' of flow of the economic impact of the overall equestrian industry, multiple support or secondary markets exist and sustain; the equine healthcare market is among such support or secondary markets. As the base of existence of the equestrian industry is the population/number of horses worldwide, any change in the equine population impacts the equestrian industry and the support or secondary markets such as the equine healthcare market. Many experts and corroborating statistical data reveals that the global equine population is expected to decline over the years till 2019; consequentially, the equine healthcare market too is expected to decline by 1.2% over six years, from 2013 to 2019, to reach an estimated value of USD 24,527.8 million in 2019.
Equine healthcare market comprises of various 'product market segments' in context of various products used for treatment of equine-specific healthcare conditions, diagnosis of equine-specific healthcare conditions and also supplements and protection products used for upkeep and maintenance of a horse.Thus the three prime segments of the equine healthcare market are equine diagnostic products, equine therapeutic products and equine supplement products.
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In context of equine (pregnancy and gestation) diagnostic products, there are two key categories of products used namely UltraSound devices and equine urine test kits. Of the two categories, equine urine test kits are affordable and easy-to-use and interpret the results and also help overcome a prime limitation of UltraSound devices i.e. the kits are non-invasive in nature. Thus, we expect equine urine test kits to be increasingly preferred by the veterinarians and the end-users, going forward. Also, the equine urine test kit is a unique product to the equine species and cannot be substituted by the urine test kits for humans. Therefore, we estimate the urine test kits market to be a niche opportunity that is likely to be encashed by newer entrants thus expanding the market and driving growth of the equine diagnostic products market.
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In terms of geographical markets of the equine healthcare market, the Asia-Pacific region is touted to be the 'next growth story'. A constituent of Asia-Pacific namely the Australian market is among the leading 'horse producing/breeding' countries. Additionally, China is expanding capacity and investing in horse racing and betting by importing quality breeds from other countries. China is thus intent on maintaining particularly race-horse breeds. As race-horses require additional and specific supplement and protection products, therapeutic and also diagnostic products, sales of all these products is thus expected to be high in the Asia-Pacific market. Therefore the afore-mentioned factors are likely to drive growth of the Asia-Pacific market.
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Theglobal equine healthcaremarket is segmented as follows:
Equine Diagnostic Products Market, by Type
- Equine Pregnancy and Gestation Diagnostic Products Market
- Equine Genotype Analysis Products Market
Equine Therapeutics Product Market, by Type
- Equine Vaccines Market
- Equine Antibacterials Market
- Equine Antivirals Market
- Equine Antiprotozoals/Dewormers Market
- Equine Dopamine Agonists Market
- Equine Anti-inflammatory Drugs Market
- Equine Laxatives Market
Equine Supplement Products Market, by Type
- Equine Performance Supplement Market
- Equine Protection Products Market
- Equine Prosthetics Market
Equine HealthcareMarket, by Geography
- North America
- Rest of World (RoW)
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